The Economic and Financial Crimes Commission (EFCC) on Monday arrested former Delta State Governor Ifeanyi Okowa, alleging he diverted N1.3 trillion, a 13% derivation fund from the federation account between 2015 and 2023. Okowa was detained at the EFCC’s Port Harcourt office in Rivers State after responding to an invitation for questioning.

A source within the EFCC stated, “Okowa was at our Port Harcourt office following the invitation of the investigators probing the allegations against him. He was then arrested.” Another source detailed additional allegations, saying, “He was also accused of failing to render accounts of the funds as well as another N40bn he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas. He also allegedly bought shares of N40bn in one of the major banks in the country, representing eight per cent equity to float the offshore LNG. The funds were alleged to be used for other purposes.”

The investigation also reportedly includes the alleged diversion of funds to acquire properties in Abuja and Asaba. “He is being held at the EFCC holding facility in Port Harcourt,” the source added. EFCC spokesperson Dele Oyewale confirmed Okowa’s arrest but declined further comment.